Topic: 95% of cryptocurrencies are fraudulent - page 9. (Read 1349 times)
It’s probably not far wrong. So many new tokens & coins are centralized bull shit, total scams. You might get lucky & invest in something that does a 100,000% price increase but it’s more likely you’ll get scammed or it turns out to be total junk. Just play it safe & buy bitcoin, leave it for 10 years & you are guaranteed big profits.
In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."
It's Right, there are lot of new Altcoin projects coming on daily basis in market and selling coins and close project and start new project of new names, but still we have so many interested investors and most of newbies they are not fully learned and victim in scammed, In my opinion if you invest in bitcoin, Eth, Bnb, etc you are safe, investment in other shit coins is risky.
There is nothing you see in this world that some set of people cannot do fake or do fraudulent acts for, I don't know if this scenario is conversant in your country but in mine yes. You will see some people telling you they are calling from your banks and collect some certain information and dupe you of your hard earn money.
Although a bit harsh, he did not understate the situation. From 8989 coins as of now (listed on Coingecko) 95% of them are only hype coins without utility backing them up.
So, you're saying that 450 coins listed there have actually some utility and are used for anything other than trading?
I would easily cut that number to 50-60 at most, including some that only promised new stuff that for sure they will never be able to deliver.
And those are only the coins that got listed, how many ICOs did we have that just grabbed the money and never did anything else, how many with just dumping some useless token on buyers and disappear?
Mein Gott in himmel! 8,989 coins 
I knew there were a crapton of shit coins but nearly 9k of them is insane...
I knew there were a crapton of shit coins but nearly 9k of them is insane...Why so surprised?
We have 39k topics in altcoins announcements and about 9500 in tokens announcements.
If we count every project that has ever been published I'm willing to bet on at least 70k-80k coins.
In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."
Well, i could really agree into those words on talking about shitcoins that been flooding out into the market.I could even say that 99% of them are trash and 1% is only having their actual utility or relevance into their existence and this is why as an investor then you should really be wise on selecting which one you would really be investing or putting your money on. You couldnt really expect more with these banksters to have these common views towards in crypto market and its just good that he had at least have some supportive mind wayback in 2015 but well everything do really changed up.
its not surprising that there's a lot of garbage coin in the market nowadays to be honest. And its because in the first place these kind of technology is out of control reason anyone can make projects immediately without any authorization even some of them are not professional and sometimes the intention is to scam other people, that's why as well a lot of people saying investing is very risky aside of being so volatile of it .. So expect more in the future mate, because copy pasting is the common way where some frauds can earn money such copying the idea and features of good project just to get attention,. And best example for that are those meme coins. Lol
Duh.
Well he's right - more than 95% of them are worthless or near worthless crap coins that were created solely to line the pockets of their creators. And yes back in 2015 he would be more positive about it because there was only Bitcoin and a couple other strong coins. Not the over 100 mostly useless ones there are today.
Well he's right - more than 95% of them are worthless or near worthless crap coins that were created solely to line the pockets of their creators. And yes back in 2015 he would be more positive about it because there was only Bitcoin and a couple other strong coins. Not the over 100 mostly useless ones there are today.
2015 made us feel more comfortable seeing all cryptocurrencies guaranteed on top of any profit, at that time we never thought that the coins in 2015 were not meant to double the pockets of their creators, but they have the desire to grow and it has been proven that the old coins are still around . and have a good image. See this time? how many piles of garbage should we choose to invest. Currently the priority is the image, while the quality is very poor. We know the coin that used to accompany Bitcoin is still the best.
Although a bit harsh, he did not understate the situation. From 8989 coins as of now (listed on Coingecko) 95% of them are only hype coins without utility backing them up
....
Mein Gott in himmel! 8,989 coins ....
I knew there were a crapton of shit coins but nearly 9k of them is insane... 
In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."
Maybe he is right but there is no problem if we can invest in few of those coins and get out at the right time making 10-100x profit. Trading is still profitable with these shit coins provided you know when to enter and exit.
I'm not gonna argue that there is a large number of deliberate scam projects and coins, however, there is a fair of coins that are legit projects that just don't make it. Now, he is specifically mentioning 'fraud, deceptive advertising, and noise', and I completely agree with fraud, however, regarding 'deceptive advertising', does this man live in the real world, because deceptive advertising is a large amount of everything in the real-life (even on some level we ourselves). Regarding 'noise', that could be those projects that never make it, so it might be a bit deceptive of him to specifically say it like that and mention an exact percentage without mentioning any studies that would conduct such a survey. So yeah...
In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."
Although a bit harsh, he did not understate the situation. From 8989 coins as of now (listed on Coingecko) 95% of them are only hype coins without utility backing them up.Memecoins are a perfect example of this, and this is why they share a large proportion with the 'useless' coins. It is interesting how the focus was on just one side of the story... Not all coins are useless!
Almost every crypto investor is aware of this already to be honest. Regular crypto pumps and dumps over time made it pretty clear how majority of the cryptocurrencies are mostly worthless, but they have one selling point.
You could get rich overnight through these coins with a low capital if luck sides with you which is difficult to achieve through popular cryptocurrencies like BTC, ETH etc which require high capital in comparison.
This particular strategy is way more riskier when compared to investing in popular cryptocurrencies though which is why you must invest only what you are willing to lose.
You could get rich overnight through these coins with a low capital if luck sides with you which is difficult to achieve through popular cryptocurrencies like BTC, ETH etc which require high capital in comparison.
This particular strategy is way more riskier when compared to investing in popular cryptocurrencies though which is why you must invest only what you are willing to lose.
Duh.
Well he's right - more than 95% of them are worthless or near worthless crap coins that were created solely to line the pockets of their creators. And yes back in 2015 he would be more positive about it because there was only Bitcoin and a couple other strong coins. Not the over 100 mostly useless ones there are today.
Well he's right - more than 95% of them are worthless or near worthless crap coins that were created solely to line the pockets of their creators. And yes back in 2015 he would be more positive about it because there was only Bitcoin and a couple other strong coins. Not the over 100 mostly useless ones there are today.
I agree, and I think it is always good to emphasize this for new comers.
When we see shitcoins going from 0,13 to 30 usd we all think about how much money we could be making.
But that is not that easy to find, and most of the projects lose that value over the years... There is plenty of money to be made in the ecosystem, but it is also very easy to lose money here.
Personally, I think the majority of every cryptocurrency portfolio should be bitcoin, at least 50%. In the long run bitcoin is the safer bet here.
Duh.
Well he's right - more than 95% of them are worthless or near worthless crap coins that were created solely to line the pockets of their creators. And yes back in 2015 he would be more positive about it because there was only Bitcoin and a couple other strong coins. Not theover 100 nearly 9,000 mostly useless ones there are today.
edit: corrected my massive underestimation in the number of coins out there.
Well he's right - more than 95% of them are worthless or near worthless crap coins that were created solely to line the pockets of their creators. And yes back in 2015 he would be more positive about it because there was only Bitcoin and a couple other strong coins. Not the
edit: corrected my massive underestimation in the number of coins out there.
In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."
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